Fannie Mae's Troubles Mount

Updated May 24, 2006 4:31 p.m. ET

Key developments in the mortgage consolidator's accounting crisis

2006

May 23: The Office of Federal Housing Enterprise Oversight releases a long-awaited, 340-page report on Fannie Mae's accounting. The report blisters the mortgage security firm's executives, accusing them of "deliberately and systematically" cooking up bookkeeping "illusions" to hit earnings targets from 1998 through 2004. After the report is released, Fannie Mae says it has agreed to pay $400 million to settle the case with the...